q2

Question 1

May be a sole proprietorship, partnership, or corporation engaged in merchandising, manufacturing, or service.

Answer 1

entrepreneurship venture

Question 1

Defines the distinction between an entrepreneur and an ordinary businessperson

Answer 1

innovation / creativity

Question 1

represents the final products from the production process and distributed to the customers

Answer 1

output

Question 1

determines the quality of the output

Answer 1

GIGO “garbage in, garbage out”

Question 2

three important elements in the production system

Answer 2

input, process, output

Question 2

these are the manpower, materials, machine, design, instructions

Answer 2

input

Question 3

Human workforce involved in the manufacture of products

Answer 3

manpower

Question 3

stage of production where the materials are transformed into the final product with the aid of manpower and machine

Answer 3

production process / transformation process / conversion process

Question 4

Process or technique of converting raw
materials to finished products

Answer 4

method

Question 5

The production is completed by a single employee or a batch of employees

Answer 5

job order method

Question 6

The production undergoes several stages, and the product is transferred from one worker to another

Answer 6

batch method

Question 7

Adopted when the demand for the product is considered constant

Answer 7

continuous production system

Question 8

physical output of the whole production process

Answer 8

product

Question 9

Goods are produced just in time when the market needs or demands for them

Answer 9

just-in-time production system

Question 10

Physical appearance, taste, or chemical content that can hardly be distinguished from that of the other products

Answer 10

homogenous product

Question 11

Dissimilar characteristics, parts, and physical appearance

Answer 11

heterogenous product

Question 12

process of bringing the products or services
to the customers

Answer 12

distribution

Question 13

Refers to how the product will be produced

Answer 13

mode of production

Question 14

Producing own products and considering the elements in the production process

Answer 14

manufacturing goods

Question 15

Process will take place Homed-based, Commercial space for rent, Commercial space purchase

Answer 15

manufacturing sites

Question 16

entrepreneurs who often buy the product or services to the manufactures and sell them at a mark up price to either wholesalers or retailers

Answer 16

distributors

Question 17

The raw materials needed in the production of a product

Answer 17

materials

Question 17

Adopted when the production process is short, and the machines are frequently changed

Answer 17

intermittent production system

Question 17

The manufacturing equipment used in the production of goods or delivery of services

Answer 17

machine

Question 17

The product is usually substantial in size and is bound by a specific time to complete it

Answer 17

project method

Question 18

Collection of values, beliefs, principles, and expectations learned and shared by the employees, founders, stakeholders, and members of the management

Answer 18

business culture

Question 19

environment within the business

Answer 19

internal / microenvironment

Question 20

Assets or properties owned or controlled by the business

Answer 20

business resources

Question 21

assets of the business that have physical appearance and form can be touched and seen

Answer 21

tangible resources

Question 22

Used, applied, or consumed within a short period or one year

Answer 22

current resources

Question 23

Properties whose usefulness or benefits extend beyond one year

Answer 23

noncurrent / fixed resources

Question 23

Degree by which all units across the business accept and share a common culture

Answer 23

cultural integration

Question 24

Degree by which the employees accept the culture of the unit or business

Answer 24

cultural acceptance

Question 24

assets of the business that don not have physical appearance of form. Cannot be touched

Answer 24

intangible resources

Question 24

Formal organizational arrangement of the business in terms if hierarchy of positions, flow of communication, relationship of functional areas, and production and marketing processes

Answer 24

business structure

Question 25

Combination of entrepreneurial concepts and principles, entrepreneurial skills, and entrepreneurial characteristics

Answer 25

competency

Question 26

SWOT meaning

Answer 26

strengths, weaknesses, oppourtunities, threats

Question 27

BCG meaning

Answer 27

boston consulting group

Question 28

tool used to visualize all the potential causes of a problem to discover the root causes

Answer 28

fishbone diagram

Question 28

Products in low-growth markets with high market share

Answer 28

cash cows

Question 28

products with low growth or market share

Answer 28

dogs

Question 28

popular tool to evaluate the internal environment

Answer 28

SWOT Analysis

Question 29

Products in high-growth markets with high market share

Answer 29

stars

Question 29

Products in high-growth markets with low market share

Answer 29

question marks / problem child

Question 30

process of developing, testing, and commercializing a product or service with the ultimate objective of solving the problem of the primary target market

Answer 30

product development

Question 30

objective is to identify errors, deficiencies, and issues that may impede the success of the product or service

Answer 30

focus group discussion

Question 30

critical factor that the entrepreneur must validate before launching the product or service because this can strongly suggest if the business will be successful or not

Answer 30

market acceptability

Question 31

entrepreneur must ensure that the product or service complies with all relevant laws and regulations and has a necessary license or permit to operate a particular business

Answer 31

legality and ethical test

Question 32

The entrepreneur must ensure that the product is safe to use, safe to be consumed (food and beverages), and safe to be applied (cosmetic products)

Answer 32

safety test

Question 33

entrepreneur can match the expected costs versus his or her budget

Answer 33

product costing test

Question 34

Each component of the product or service must be tested independently to identify component failures for goods or service failures for services

Answer 34

component test

Question 35

entrepreneur must test a similar line of products or the competitor’s product or service itself to compare and get the best practices to be applied to the new product or service

Answer 35

competitor's product / service test

Question 36

Money that will be allocated by the entrepreneur to establish a business

Answer 36

capital

Question 37

Value that's created and captured by a company

Answer 37

profit margin

Question 38

High-value asset that is submitted by the business to the bank when applying for a loan and will be subject to repossession if the business defaults

Answer 38

collateral

Question 38

Output of a sale wherein the sales price exceeds the cost to produce the product or render the service

Answer 38

revenue

Question 38

who proposed the value chain

Answer 38

michael porter

Question 38

when the product is already sold, or service has been rendered regardless of whether the business is paid in cash or credit

Answer 38

considered earned

Question 39

when the product or service has not yet been delivered or sold but the customer already paid in advance

Answer 39

considered deferred

Question 39

all the processes related to receiving, storing, and distributing inputs internally

Answer 39

inbound logistics

Question 39

transformation activities that change inputs into outputs that are sold to customers

Answer 39

operations

Question 40

Activities that deliver your product or service to your customer

Answer 40

outbound logistics

Question 40

Processes you use to persuade clients to purchase from you instead of your competitors

Answer 40

marketing and sales

Question 41

Assist you to meet your business goals

Answer 41

financial forecasts

Question 41

Activities related to maintaining the value of your product or service to your customers, once it's been purchased

Answer 41

services

Question 42

may be more appropriate for a stable, established business

Answer 42

monthly / quarterly forecasts

Question 42

may be necessary when starting your business, experiencing rapid growth, or having financial difficulties

Answer 42

monthly / weekly forecasts

Question 42

allow you to closely monitor your finances and develop strategies to fix problems before they become major issues

Answer 42

regular forecasts

Question 43

Tied directly and proportionately to changes in production amount or number of units sold

Answer 43

variable expenses

Question 44

Not dependent on changes in production amount or number of units sold

Answer 44

fixed recurring expenses (non-labor)

Question 45

sum of all direct costs associated with making a product

Answer 45

Cost of good sold

Question 46

estimates your ongoing operational costs over a period of time

Answer 46

expense forecast

Question 47

These are expenses that you will only incur once, very infrequently, and/or irregularly

Answer 47

one-time expenses

Question 47

Estimates the amount of money you expect to flow in (receipts) and out (payments) of your business, including projected income and expenses

Answer 47

cash flow

Question 48

what a company owes

Answer 48

liability

Question 49

amount invested in the company by shareholders

Answer 49

shareholders' equity

Question 50

Cash gained/lost from actual business operations

Answer 50

operating activities

Question 51

Cash gained/lost from buying (and selling) property, plants, and equipment (PPE) and purchasing (and selling) long-term investments

Answer 51

investing activities

Question 52

Cash gained/lost from issuance and reacquisition of a firm's debt and capital stock, and dividend payments

Answer 52

financing activities

Question 53

Picture of the separate steps of a process in sequential order

Answer 53

flowchart

Question 54

systematic way of recording the financial transactions of a business

Answer 54

bookkeeping

Question 54

series of steps that businesses take to track transactions and consolidate financial information over a specific accounting period (month, quarter, year)

Answer 54

accounting cycle

Question 55

Basic phase of accounting is also known as bookkeeping

Answer 55

recording

Question 55

system of recording information about a business, mainly numerical, and helps different people make decisions relating to that business

Answer 55

accounting

Question 55

Provides the description of the type and nature of the business transactions

Answer 55

account titles

Question 55

List of account titles adopted by a business to organize the recording process and segregate accounting values into assets, liabilities, capital, income, and expense

Answer 55

chart of accounts

Question 55

There is only one debit and one credit

Answer 55

only has 1 debit and 1 credit

Question 55

Requires a combination of debit and credit for every accounting entry to adhere to the balance sheet and income statement equations

Answer 55

double-entry bookkeeping

Question 55

The journal entry appears to have two debit values, while credit has only one value or vice versa

Answer 55

compound entry

Question 56

events where there are exchanges of values that are measurable in one common denominator

Answer 56

transaction

Question 57

book of original entries

Answer 57

general journal

Question 58

All entries appearing in the general journal are fully supported with business documents

Answer 58

business documents

Question 58

Sorting and grouping similar items under the designated name, category, or account

Answer 58

classifying

Question 59

Book in which classifications are recorded

Answer 59

ledger

Question 60

Process of transferring the same information from the journal to the ledger

Answer 60

posting

Question 61

Process of adding the debit and the credit money columns of the ledger and finding their balances

Answer 61

footing

Question 62

Summarizing the data after each accounting period, such as a month, quarter, or year

Answer 62

summarizing

Question 62

Listing of the debit and credit balances of accounts from the general ledger

Answer 62

trial balance

Question 63

Structured financial statement that presents the income, expenses, and net income or net loss realized during a certain period

Answer 63

income statement